Which of the following will definitely occur when there is a simultaneous decrease in demand and a decrease in supply?
A. a decrease in equilibrium price
B. a decrease in equilibrium quantity
C. an increase in equilibrium quantity
D. an increase in equilibrium price
Answer: B
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In the figure above, the quantity of sugar beets produced is ________ million tons per year, and the quantity bought by consumers is ________ million tons per year
A) 30; 20 B) 20; 30 C) 25; 20 D) 20; 25 E) 25; 25
The WaveHouse on Mission Beach in San Diego features the Bruticus Maximus, a ten foot wave, which tests the skills of even the most talented surf and wake board riders on the planet
WaveHouse is the only place in San Diego where this service is offered. You can ride B. Max for $40 for the first hour, $33 for the second hour, and $26 for the third hour. Why would WaveHouse charge different prices for each subsequent hour of riding? A) to capture consumer surplus among groups of buyers B) to capture consumer surplus among units of a good C) to create customer loyalty D) to encourage skill development
What effect does the following transaction have on the U.S. balance of payments?(Choose the proper debit and credit entries.) U.S. residents purchase Mexican products and pay for them with U.S. dollars
a. Debit the U.S. financial account; credit the U.S. current account. b. Credit the U.S. financial account; debit the U.S. current account. c. Debit the U.S. financial account; credit the U.S. financial account. d. Credit the U.S. financial account; debit the U.S. financial account. e. Credit the U.S. financial account; debit the U.S. net errors and omissions account.
Consider a market that is in equilibrium. If it experiences a decrease in demand, what will happen? The demand curve will shift to the:
A. left, and the equilibrium price will increase and the equilibrium quantity will decrease. B. left, and the equilibrium price and quantity will fall. C. left, and the equilibrium price and quantity will rise. D. right, and the equilibrium price and quantity will fall.